Main stock price index falls below 7,700 despite jump in mining stocks

The local stock barometer slipped below 7,700 yesterday as investors pocketed gains from the recent run-up.

The Philippine Stock Exchange index (PSEi) lost 20.84 points or 0.27 percent to close at 7,682.26.

Only the mining/oil index bucked the day’s downturn, rising by 2.73 percent, as investors loaded up on long-battered mining stocks after the Commission on Appointments rejected the appointment of anti-mining advocate Gina Lopez as chief of the Department of Environment and Natural Resources.

All other indices ended in the red.

“Philippine markets failed to sustain early morning gains as investors resorted to profit-taking,” said Luis Gerardo Limlingan, managing director at local stock brokerage Regina Capital Development.

Overnight, Limlingan noted that Wall Street had marginally gained.

At the local market, value turnover for the day amounted to P6.41 billion. Despite the PSEi’s decline, foreign investors were net buyers in the stock market, resulting in net inflows of P161 million.

There were also slightly more advancers (98) than decliners (92) in the market, suggesting that profit-taking was mostly on large-cap stocks.

Globe Telecom fell by 2.25 percent while Jollibee slipped by 1 percent. SM Prime, PLDT, BDO, DMCI, JG Summit, Metro Pacific Investments Corp. and Energy Development Corp. also declined.

Outside of PSEi stocks, investors dumped shares of MRC Allied (-5.49 percent) and Cemex (-1.11 percent).

On the other hand, Semirara rose by 2.18 percent, tracking the upswing among mining-related firms and in line with upbeat earnings forecast for this year.

Ayala Land, URC and SM Investments also firmed up.

Among notable gainers outside the PSEi were Apex Mining (+18.24 percent) , RCBC (+2.66 percent) and Nickel Asia (+1.05 percent).